But they're dropped nearly 8% year to date, and they're down 74% in the past 12 months. More than two-thirds of House and Senate conferees on the America COMPETES Act have already voted for or cosponsored cannabis banking legislationand House Financial Services Committee Chairwoman Maxine Waters (D-CA) listed the reform as among the "priorities" as she heads into negotiations with the Senate. Criminal Referrals and OSHA Violations, Part III: Industry Standards Oregon House Revenue Committee Set to Hear More About Pro-Taxpayer Buying or Selling a Small Business Government Contractor? It was the second time in U.S. history when the House voted on. How well do you understand this vote? The visitor's center is located below the East Plaza of the Capitol between Constitution and Independence Avenues. Log in and White House Reviewing Proposed Regulations on Reinstated Superfund You Dont Need a Machine to Predict What the FTC Might Do About Is It Compensable? Information from the present back to the 93rd Congress (1973) is available on Congress.gov. Passing with a vote of 220-204, the MORE Act does not have overwhelming bipartisan support, with only 3 Republican representatives backing the bill. I cover what's going on in the news and how it affects your bottom line. The Forbes Advisor editorial team is independent and objective. EC Appeals European General Court Decision Annulling the Harmonized Weekly Bankruptcy Alert February 28, 2023. *Information compiled through Senate LIS by the Senate bill clerk under the direction of the secretary of the Senate. Join 10 million other Americans using GovTrack to learn about and contact your representative and senators and track what Congress is doing each day. Short title. *Information compiled through Senate LIS by the Senate bill clerk under the direction of the secretary of the Senate. Rob Portman, a Republican. Dec 22. Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. March 24, 2022 Momentum continues to grow for comprehensive marijuana policy reform as Congress prepares to vote for only second time in history to repeal federal prohibition Members of the US House of Representatives have announced that they will hold a floor vote next week on the Marijuana Opportunity, Reinvestment, and Expungement (MORE) Act. Copyright 2023, Sheppard Mullin Richter & Hampton LLP. What might have determined how the roll call came out in this case? It faced partisan opposition, receiving only three Republican votes. Help us develop the tools to bring real-time legislative data into the classroom. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Shares of cannabis companies mostly moved lower on Monday. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed the U.S. House of Representatives on April 1, 2022. Litigation Setback for Employers Under Illinois Biometric Information Senate Committee Holds Hearing on Future of Low Carbon Transportation North Carolina Senate Passes Compassionate Care Act at Exactly 4:20 States and Feds Signal Big Changes to Telehealth Prescribing. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. MORE Act likely to flop in Senate after House vote this week: Analyst Published: March 28, 2022 at 11:02 a.m. The U.S. Constitution says that bills should be decided on by the yeas and nays (Article I, Section 7). If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor. Here is a breakdown of some of the key provisions in the measure, whats going on, and what you can do to help. The proposed law wouldnt stop thereit would also generate funds to help support communities in need. Reach out right now! Leadership in the Senate is preparing to introduce a separate bill with similar aims. Performance information may have changed since the time of publication. Next weeks vote will mark the only the second time in more than 50 years that a chamber of Congress has revisited the classification of cannabis as a federally prohibited substance. Nota Bene Episode 160: European Update: Oliver Heinisch and Scott Federal Communications Commission to Consider Rules and Proposals to Whats the Standard? Content Responsibility | Canopy shares have gained roughly 13% in the past month. For this question it may help to briefly examine the bill itself. www.senate.gov. On Friday, May 28, 2021, Rep. Jerrold Nadler (D-NY) reintroduced the Marijuana Opportunity, Reinvestment and Expungement (MORE) Act in the U.S. House of Representatives. April 18, 2022 Modern Canna Cannabis, Cannabis Legalization, Laws & Regulations For the second time in American history, the U.S. House of Representatives voted on whether or not to end the federal ban on cannabis - and it passed. Ideology Vote Chart Key: Federal decriminalization of marijuana might still be a ways off, but other proposals show how the tone toward marijuana is changing. The Marijuana Opportunity Reinvestment and Expungement ("MORE") Act (H.R. A Division of NBCUniversal. 107). If you would ike to contact us via email please click here. Usage Policy | The bill only received three Republican votes in the House, indicating that it could be a tough sell in the Senate. Canopy Growth CEO David Klein said federal legalization would be transformative for the Canada-based company in the eyes of investors. We rely on contributions from our supporters to sustain our mission. Statement in compliance with Texas Rules of Professional Conduct. Interestingly, the failure of CAOA might prove helpful to the SAFE Banking Act, another cannabis bill up for a vote this year. This vote is related to a bill. Will there be amendments? It was most recently raised . ET. The MORE Act, which weve previouslywrittenabouton the Blog is scheduled to be taken up by the House Rules Committee on Wednesday, March 30, 2022, with a possible floor vote by the end of the week. Words With Friends, Part 1: Insurance Requirements and Contracts, Legislator Proposes To Expand CFL To Encompass "Commercial CERCLA PFAS Scope May Broaden To Many More PFAS, AI Avatar App is the Latest Target of BIPA Class Action Litigation. It really would allow the industry to start moving forward.". THIS IS IT! According to a note Tuesday from Bank of America, Schumer's CAOA bill is expected to be introduced in the Senate by late April. Not all votes are meant to pass legislation. The MORE Act is one of several federal cannabis reform bills being considered by Congress. UPDATE 04/01/2022, original date of publication was 03/25/2022: After only about one hour of deliberation, the U.S. House of Representatives voted 220-204 to approve the MORE Act that would decriminalize cannabis at the federal level. The House of Representatives previously passed the MORE Act in December 2020, but the bill did not advance in the Senate. One tool that will be helpful in answering this question is the cartogram at the top of the page. On behalf of cannabis consumers nationwide and the people who have been victimized and marginalized by our misguided federal marijuana laws, we thank House Speaker Pelosi and Majority Leader Hoyer, House Judiciary Chairman Jerry Nadler, Reps. Earl Blumenauer, Jim Clyburn, Hakeem Jeffries, Barbara Lee, Sheila Jackson Lee, Ed Perlmutter, Nydia Velasquez, and many others for their steadfast support for comprehensive marijuana policy reform and for their efforts to bring this legislation to a vote.. Abusive Arbitrage Devices Its Time to Get Reacquainted (Episode 2 How Modern Manufacturing Plants Can Protect Against Ransomware, Cyberattacks, FTC Will Host May 23, 2023, Workshop on Recyclable Claims and the Green Guides. "Anything short of protecting the right to . 3617 (117th): Marijuana Opportunity Reinvestment and Expungement Act Apr 1, 2022 at 12:31 p.m. Industry analysts generally see a murky path forward for all of the cannabis reform bills on Capitol Hill, but but they feel that meaningful steps towards legalization are expected to continue to spark interest in cannabis stocks. And while the vote would open the door to radically change how weed is used in the U.S., its expected to reach hurdles in the Senate. But that is changing. Rep. Ed Perlmutter, D-Colo., told CNBC ahead of the hearing. Her practice entails matters in state and federal court, including business torts, products liability, professional liability, breach of contract, breach of fiduciary duties and allegations of unfair business practice and fraud. "It's much easier for banks and other financial institutions, insurance companies, credit unions, real estate companies to do business with cannabis businesses. Marijuana is one step closer to becoming legalized in the United States. Confidentiality and Non-Disparagement Agreements with Non-Supervisory USCIS Confirms It Will Accept Employment-Based I-485 Applications New Jersey Enacts Bill of Rights for Temporary Workers, DOJ Implements Nationwide Voluntary Self-Disclosure Program. The measure would open the door to research, better banking and tax laws, and help fuel economic growth as states are looking for financial resources. The list below identifies expected non-legislative periods (days that the Senate will not be in session). The legislation is sponsored by House Judiciary Committee Chairman Jerrold Nadler (D-NY). The bill better known as the MORE Act would also create provisions for banking and consumer packaged goods sales. May 3, 2022. If passed, the legislation would end cannabis prohibition by the federal government. Youve cast your vote. Our mission is to empower every American with the tools to understand and impact Congress. The content and links on www.NatLawReview.comare intended for general information purposes only. On Passage of the Bill in the House. You are encouraged to reuse any material on this site. Past performance is not indicative of future results. Contact | Content Responsibility | Its an easy but powerful way to make your opinion known at a key moment. Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch. Cannabis has been a scapegoat of racism since the 20th century when Mexican immigrants brought the tradition of smoking marijuana to the States. check that your profile has your current email address before its too late. It will now go to the Senate, where Democrats are already working to introduce their own marijuana legalization bill. In a note last week, Seiberg said, "There is a high probability that Republicans will control the House next year. 04/01/2022 H.Amdt.190 On agreeing to the Raskin amendment (A004) Failed by the Yeas and Nays: 209 - 214 (Roll no. The New York City Council Sets its Sights on Non-Profit Housing DOJ Announces New Voluntary Self-Disclosure Policy for U.S. Attorney Supreme Court: Salary, Not Daily Pay, Required for FLSA Overtime Time Is Money: A Quick Wage-Hour Tip on the Tip Credit, EDPB issues its Opinion on the EU-U.S. Data Privacy Framework, Hunton Andrews Kurths Privacy and Cybersecurity. Take a look at where this bill is in the legislative process. The MORE Act the Marijuana Opportunity, Reinvestment and Expungement Act is historic in scope. Critics say there's too much opposition from GOP lawmakers for it to pass in the Senate. !function(){"use strict";window.addEventListener("message",(function(e){if(void 0!==e.data["datawrapper-height"]){var t=document.querySelectorAll("iframe");for(var a in e.data["datawrapper-height"])for(var r=0;r